Germany-based renewables developer RWE is seeking an equity investor for its planned 1 GW Theodore wind farm in central Queensland, two sources familiar with the matter said.

The equity will be part of the financing to get the project to financial close within 12 months, they added, without elaborating on the cost of the project nor how much equity and debt financing is being sought.

A 240 MW battery is also proposed for the site.

RWE is self-advised, said one of the sources.

“In line with our project plan, RWE will work towards securing project finance and an equity partner for the proposed Theodore wind farm”, a RWE spokesperson told Infralogic. “The proposed 1 GW, AUD 3bn (USD 2.1bn) project would be strategically located to supply electricity to the major industrial centre of Gladstone.”

In 2023, Queensland state-owned power generator, Stanwell, signed a memorandum of understanding with RWE, which included Stanwell potentially acquiring an equity stake in the project.

A new Liberal/National government elected in late 2024 has been removing support for renewables projects, including scrapping the state’s renewable energy targets last year and moving to sell any government-owned renewables assets, Infralogic reported last week.

When the project received state planning approval in June last year, RWE said it was still in discussions for a power offtake from the wind farm with Stanwell.

Construction of the 170 turbine Theodore wind farm, located about 560km northwest of Brisbane, is slated to start by the end of this year and take about four years to complete, according to the project website.

Theodore is one of several large wind farms in Australia now seeking pre-construction equity to get to financial close by early next year. Others include Origin Energy’s 1.6 GW Yanco Delta wind farm, and AGL and Someva Renewables’ 1.4 GW Pottinger Energy Park – both in southwest NSW – as well as DP Energy’s 430 MW Callide wind farm in Queensland.